A daily dose of market updates to guide your investment decisions.
September 28, 2026
Chart of the Day
Philippine business sentiment turned less pessimistic in August, with the central bank's confidence index improving to -10.9% from -20.3% in July, driven by expected demand for essential goods and construction. Meanwhile, the business confidence index rose sharply for the coming periods. Driven by anticipated holiday demand and easing inflation, the confidence index jumped to 24.6% for the next quarter and reached 36.4% for the year ahead. Source: BSP
Financial market updates
The USD/PHP exchange rate opened 8.5 centavos lower at 62.65 last Friday despite higher dollar and oil prices, with suspected agent selling at the open.
The local pair briefly rose to 62.75 as banks anticipated importer demand, but demand was absent. Instead, sizable government inflows drove the pair lower.
Importer demand emerged at 62.55, but weaker offshore non-deliverable forwards pushed the pair to an intraday low of 62.46.
The USD/PHP pair ultimately closed at 62.465, or 27 centavos lower day-on-day.
USD/PHP's current support levels remain at 62.30/45, while resistance stands at 62.55/70.
Trading in the local government securities (GS) market was quiet last Friday, with only PHP 13.5 billion in volume traded as investors conserved liquidity ahead of this week’s new 2.5-year RTB issuance.
Market activity focused on 4-year FXTN 7-70 and 5-year FXTN 20-17, with two-way interest keeping yields rangebound.
Benchmark yields ended within 3 basis points of previous levels, reflecting limited movement across the curve.
The upcoming RTB is expected to have a smaller offering size as the Bureau of the Treasury remains on track to meet its 2026 borrowing target.
The offer for the new RTB opens on September 29, with coupon-setting bids in the morning and the public offer starting in the afternoon.
The Philippine Stock Exchange index (PSEi) ended 95.95 points lower at 5,825.97 last Friday on bargain hunting in oversold names and renewed foreign buying after weeks of steady outflows.
International Container Terminal Services Inc. (+60.28 points) led the rebound, followed by BDO Unibank Inc. (+10.60 points) and SM Investments Corp. (+9.53 points).
Meanwhile, Ayala Corp. (-4.23 points), RL Commercial REIT Inc. (-1.38 points), and Manila Electric Co. (-1.37 points) dragged on the index.
Market breadth improved decisively with 106 advancers versus 70 decliners, while foreign investors posted PHP 2.85 billion in net buying, a sharp reversal from the persistent selling over the past weeks.
Easing oil concerns and the return of foreign demand were enough to push the market back above 5,800, although the rebound remains largely a recovery from the recent selloff.
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